Moms Share More Financial Info than Dads

The study, the third in Fidelity’s Intra-Family Generational Finance
Study, revealed mothers have substantially more detailed conversations
on topics ranging from health care needs to living expenses in
retirement. Considerably more mothers than fathers report having had
comprehensive discussions with their adult children about estate
planning or wills (79% of mothers vs. 69% of fathers), health and
eldercare topics (66% vs. 56%), and the ability to cover living expenses
in retirement (70% vs. 55%).

Mothers were more than twice as likely to describe themselves
as “the empathizer” in the family vs. fathers (15% vs. 6%). So, mothers
said they found it easier to talk with their adult children about issues
surrounding their personal economy. Sixty-four percent of mothers
surveyed say it is “not at all difficult” to start a conversation with
their child about their savings and investments, compared to 54% of
fathers. Quite often, fathers believe they take a more straightforward
approach with their adult children. More than half of the fathers (54%)
see themselves as “the pragmatist” when having financial conversations
with their adult children.

Other findings from the study showed that more mothers (13% vs.
3% of fathers) are planning on an adult child caring for them if they
become ill, while more fathers (47% vs. 32% of mothers) are counting on
their spouse. In addition, the study highlights that significantly more
fathers (40% vs. 26% of mothers) are worried that their spouse will not
be financially prepared if they pass away first.

“We encourage all families to engage in detailed conversations
on these financial topics, and as this research indicates, starting the
discussion with mom may be a good strategy,” said Lauren Brouhard,
senior vice president, Fidelity Investments. “Planning together and
learning from one another on a broad range of financial topics can have a
positive impact on your family.”

The study was conducted online among U.S. parents and their
adult children from July 24 to August 29, 2012. Parents were at least 55
years old, had an adult child older than 30 and had investible assets
of at least $100,000. The adult children were at least 30 years old, and
had money saved in an IRA, 401(k) or other investment account. The
children also had at least $10,000 saved.